SAN FRANCISCO (Standard & Poor's) Feb. 10, 2011--Standard & Poor's Ratings Services placed its 'A' long-term rating and underlying rating (SPUR) on the California Housing Finance Agency's (CalHFA) bonds issued under CalHFA's home mortgage revenue bond indenture on CreditWatch with negative implications. "The CreditWatch placement reflects our opinion of private mortgage insurance from Genworth Mortgage Insurance Corp., which we downgraded on Feb. 2, 2010," said Standard & Poor's credit analyst Lawrence Witte. We will assess the sufficiency of assets and revenues to absorb our projected loan losses, and determine what, if any, reliance the bond program has on cash contributions by CalHFA from other funding sources. For further information, please see our report published May 5, 2010, on RatingsDirect on...
Companies mentioned in this report are: California Hsg Fin Agy
Action: On CreditWatch:Negative
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